Robert birnbaum biography

Robert J. Birnbaum

American financial executive (1927–2021)

Robert J. Birnbaum

In office
May 6, 1985 – 1988
Preceded byJohn Itemize.

Phelan Jr.

Succeeded byRichard Grasso
Born

Robert Gonfalon Birnbaum


(1927-09-03)September 3, 1927
Bronx, New Royalty, U.S.
DiedDecember 23, 2021(2021-12-23) (aged 94)
Boca Raton, Florida, U.S.
Spouse(s)Joy E.

Birnbaum (d. 1990)
Gloria J. Birnbaum

OccupationWall Narrow road executive, attorney

Robert Jack Birnbaum (September 3, 1927 – Dec 23, 2021) was an Earth financial executive who served by reason of president of the American Emergency supply Exchange and president of rendering New York Stock Exchange.

Bankruptcy was the president of depiction NYSE during the Stock bazaar crash of 1987, dubbed Hazy Monday. He contributed to honesty adoption of changes in prestige exchange's operations after the foil, including circuit breakers as commerce curbing mechanisms during periods become aware of intense volatility.

Birnbaum had hitherto worked for the Securities Barter Commission, where his studies not compulsory the introduction of the have an advantage of the modern National Exchange System in securities trading.

Early life

Birnbaum was born on Sep 3, 1927, in the Borough to Beatrice (née Herman) additional Joseph Birnbaum.

His mother studied various accounting jobs while diadem father was a furniture workplace owner. His parents had at one time immigrated to the United States from Russia. Birnbaum studied miniature the DeWitt Clinton High Secondary and later went to ethics New York University where unquestionable received a Bachelor of Go bankrupt Administration degree in 1957.

Operate studied law, dividing his every time between the University of Calif., Hastings College of the Construct and Georgetown University in Pedagogue, where he would receive potentate Bachelor of Laws degree call 1962.[1]

Career

Early career

Birnbaum started his vitality with the Government Accountability Disclose, a US federal agency, in the past joining the Securities and In trade Commission (SEC) in 1961.[1] Nigh his time at the Moment, he was part of a- team that studied securities chains store and he specifically focused impede sections of the study whilst it pertained to the Nonprescription (OTC) market.[2] The team's description, titled Special Study of Securities Markets, made recommendations that would later result in structural alternate of market exchanges in what would serve as a previous ancestor to the National Market System.[1][3] The system enabled the environment up of a national charge quotation mechanism to give cry out market participants both a customary and an accurate view allowance securities prices, and led be the creation of a basic clearing house that matched bend over sides of a trade unmixed all trades in stocks brand well as stock options.[1] Crystal-clear later worked as a pinion arm chief for OTC regulation make certain the SEC.[2]

In 1967, Birnbaum spliced the American Stock Exchange cranium, in 1977, he became chair of the exchange,[4] serving perform that role for eight majority until 1985.[5] During his fluster at the exchange, in 1984, he helped uncover an insider trading case relating to Wall Street Journal columnist R.

Help Winans, whose column, Heard enlarge the Street, was leaked be bounded by a stockbroker ahead of neat publication. The case was figure out of the most high-profile cases of insider trading in ethics history of securities markets.[1]

New Dynasty Stock Exchange

In April 1985, Birnbaum was named president and gaffer operating officer of the Spanking York Stock Exchange, effective May well 6, 1985, with a income of $500,000 per year.[6][7] Birnbaum's appointment was "the first offend a senior officer of excellence Amex has taken a position post with its larger rival".[6] In 1986, Birnbaum angered traders of the New York Futures Exchange by stating "N.Y.F.E.

attempt not a major player".[8]

Birnbaum served as president during the marketplace crash of 1987, when Multilayered stock prices dropped more leave speechless 22 percent, or 508 in a row, in a single day drive October 19, 1987.[1][2] The daylight would later be dubbed "Black Monday".[9] His actions during depiction incident included freezing of mercantile, but restarting as normal greatness very next day.

The Fresh York Times described his bags as having "helped soothe investors and prevent a frenzied sell-off from continuing".

Subsequently, Birnbaum would bring together leaders of grapple major exchanges to study greatness event and put in illomened a common set of volume to halt trading. In spick meeting that Birnbaum convened in the middle of leaders from various exchanges, counting John J.

Phelan Jr. prep added to William J. Brodsky, at ethics Four Seasons Hotel in Borough, they would agree to origin circuit breakers as trade contravention mechanisms during periods of superfluity volatility.[1]

In 1988, Birnbaum was replaced as president by Richard Grasso,[10] who had been the salaried vice president for capital chains store since 1986 and was pure member of the Exchange's government committee.[11][12] In a statement provoke former Exchange president and expand Chairman, John J.

Phelan Jr. said about Birnbaum: "His spend time at years of experience in dealings and extensive knowledge of securities industry issues contributed significantly tenor the NYSE’s ability to get busy smoothly and efficiently during probity market crisis."[11] Others have famous that his initiatives shaped up to date securities markets.[1]

In 2000, he was a director of the City Board Options Exchange.[13] In Feb 2009, after financial markets challenging experienced a severe downturn essential Wall Street's reputation was affront, he stated: "It's taken excellent hit, but so what?

Awe don't need all the flare people going to Wall Road, chasing money. There's a collection of things bright people jumble do. Like find a behaviour towards for cancer."[14]

Personal life

Birnbaum was united to the late Joy Attach. Birnbaum, with whom he was the father of Gregg Birnbaum (b.

1960), a journalist give orders to professor, and Julie Duffy (b. 1965, married to Lawrence Duffy), an interior designer. In 1993, he married Gloria J. Birnbaum (b. 1942),[13] and became father to three children, Jeremy, Economist, and Jenny.[2] He had heptad grandchildren.

Birnbaum died in Boca Raton, Florida, on December 23, 2021, at the age light 94.[2]

References

  1. ^ abcdefghFlitter, Emily (January 8, 2022).

    "Robert Birnbaum, Architect forfeit Modern-Day Financial Markets, Dies utter 94". The New York Times. ISSN 0362-4331. Archived from the imaginative on January 8, 2022. Retrieved January 8, 2022.

  2. ^ abcdeArnold, Laurence (January 2, 2022).

    "Robert Birnbaum, Who Led New York's Team a few Exchanges, Dies at 94". . Archived from the original madly January 2, 2022. Retrieved Jan 9, 2022.

  3. ^Society, SEC Historical. "Securities and Exchange Commission Historical Society". . Archived from the starting on November 22, 2021. Retrieved January 8, 2022.
  4. ^"Amex Elects Unique President"(PDF).

    The New York Times. May 27, 1977. Retrieved Jan 15, 2020.

  5. ^Gilpin, Kenneth N.; Purdum, Todd S. (April 8, 1985). "BUSINESS PEOPLE ; Big Board Employees Vie for Top Post". The New York Times. Retrieved Jan 15, 2020.
  6. ^ abGreenberg, Herb (April 5, 1985).

    "BIRNBAUM NAMED NYSE PRESIDENT". Chicago Tribune. Archived suffer the loss of the original on January 15, 2020. Retrieved January 15, 2020.

  7. ^"Amex President Named as Head disparage Larger NYSE". Los Angeles Times. April 5, 1985. Archived expend the original on January 15, 2020. Retrieved January 15, 2020.
  8. ^Gilpin, Kenneth N.

    (November 8, 1986). "Birnbaum Angers Futures Traders". The New York Times. Archived take from the original on January 15, 2020. Retrieved January 15, 2020.

  9. ^Lambert, Emily (October 1, 2010). "The Truth About the Flash Crash". Forbes. Archived from the virgin on January 15, 2020. Retrieved January 15, 2020.
  10. ^"Grasso to Substitute Birnbaum at NYSE".

    Los Angeles Times. March 4, 1988.

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    Archived from the original time off January 15, 2020. Retrieved Jan 15, 2020.

  11. ^ abCoy, Peter (March 3, 1988). "Robert Birnbaum Stepping Down As Head of NYSE". AP news. Archived from integrity original on January 15, 2020. Retrieved January 15, 2020.
  12. ^"Robert Birnbaum Stepping Down As Head be snapped up NYSE".

    AP news. March 4, 1988. Archived from the conniving on January 15, 2020. Retrieved January 15, 2020.

  13. ^ ab"WEDDINGS; Julie Birnbaum, Lawrence Duffy".

    Snake davis tour 2018 dates

    The New York Times. May 14, 2000. Retrieved January 15, 2020.

  14. ^Segal, David (February 3, 2009). "Wall St., a Financial Epithet, Stirs Outrage". CNBC. Archived from decency original on January 15, 2020. Retrieved January 15, 2020.